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View the article online at http://citywire.co.uk/wealth-manager/article/a740407

Aberdeen's Duce replaces £80m Woodford mandate with Carl Stick

by Eleanor Lawrie on Mar 14, 2014 at 14:27

Aberdeen's Duce replaces £80m Woodford mandate with Carl Stick

Aberdeen’s Graham Duce has sold out of an £80 million stake in Neil Woodford’s Invesco UK equity income fund on concern it will lose some defensive characteristics under Mark Barnett.

Duce (pictured), who is co-head of multi-manager at Aberdeen, sold out of the position last month ahead of Woodford’s departure at the end of April.

The holding is understood to form part of a fund of funds run on behalf of Coutts.

The proceeds have been recycle into the Rathbone Income fund, run by Citywire AA-rated manager Carl Stick.

‘He [Woodford] did a specific job for us – he had low beta. It was very much a defensive position,’ Duce said.

While Duce rates Barnett highly, he is mindful the fund may no longer offer the defensive characteristics that he requires.

'Mark Barnett is a talent in his own right, I just think the world has changed for him. He has 50 people reporting to him,' Duce said.

‘In the way he runs his portfolio I understand he won’t have as high positions and convictions as Woodford. I think we might have a more diluted Woodford portfolio.’

Stick has strongly outperformed in recent years, rallying after a tricky spell in 2008.

The manager took on £656.5 million Rathbone Income in 2000, and to the end of January it was top quartile over five years, and second quartile in one and three.

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1 comment so far. Why not have your say?

Badders

Mar 14, 2014 at 15:14

I don't get it - smaller holdings = less defensive?

Surely the other way round.

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